Big Banks Look to Boost Homeownership With Help for Down Payments, Closing Costs

Big banks are looking to ease barriers to homeownership in North Texas through programs offering help with down payments and closing costs.Bank of America, the state’s second-biggest bank, just launched programs to help qualifying buyers receive up to $17,500 toward the purchase of a home in Collin, Dallas, Denton, Ellis, Hunt, Kaufman or Rockwall County. It’s part of a $5 billion commitment to assist low- to moderate-income homebuyers across the nation. Wells Fargo, the state’s fourth-largest bank, will offer a similar program in the fall.As housing values continue to rise, low- to moderate-income households can be shut out of homeownership. The median home price for existing homes in North Texas is $277,000.   Continue reading...